I agree there was something fishy with the half yearly COGS...

I agree there was something fishy with the half yearly COGS number, negative gross profit margin? That's a far cry from the 30% they made in FY15. I had it down to FX (USD cost base, some non USD sales) and the difference in margin between having a lot of scale-up runs vs full production runs.

Re the inhouse manufacturing, where did you see that comment? That's a big point for me if I missed it. If you're referring to the comments in the Moelis report, I don't think those are from management. However, I'm actually not fussed with the toll manufacturing strategy (for now). Focus on sales as you grow your client base. Once that's established and you've got cash rolling through the door you can focus on margin and efficiencies (and hopefully by that time fund it without a cap raise), basically the standard growth strategy.

Completely separately, the management comment on being cash neutral by Jun16 is interesting but not overly amazing when you consider the amount of expense that is in the form of share based payments. I'm hoping for a (P&L) profit by FY17 (or at the very least a profitable run rate).

On today's cap raise... as long as a lot of it doesn't go to Moelis in fees and a substantial does go to establishing the Euro hub, that would be fine (hopefully they do tell us the split).